中国银河：新加坡制造业或受AI需求支撑

Group 1 - The core viewpoint of the report indicates that short-term demand for AI-related servers and data centers may support Singapore's manufacturing sector [1] - The output of electronic products is expected to continue being driven by structural technological demand [1] - Pharmaceutical output may remain volatile due to inherent mass production cycles [1] Group 2 - Geopolitical tensions could exert pressure on manufacturing activities by weakening external demand, disrupting supply chains, and increasing input costs [1] - The company maintains its forecast for Singapore's manufacturing output growth at 5.0% for 2026 [1]